Residential Lease Agreement with
Option to Purchase
THIS RESIDENTIAL LEASE AGREEMENT (hereinafter “Lease” and/or “Agreement”) is made and entered into this ___ day of Xxxxxx, 200X, by and between Xxxxxxxxx [insert entity name], a Xxxx (State) Limited Liability Company/Limited Partnership, located at xxxxxxxxxxxx (hereinafter referred to as "Landlord"), and Xxxxxxxxx, located at xxxxxxxxxxxxxxxxx (hereinafter referred to as "Tenant").
W I T N E S S E T H:
WHEREAS, Landlord is the owner of certain rental property located at Xxxxxxxxxx (address including unit number, if any), Xxxxxx(city), Xxxxxx(county), Xxxxxxx(state) (hereinafter “Premises”);
WHEREAS, Tenant desires to lease the Premises from Landlord;
NOW, THEREFORE, in consideration of the rents, covenants, and agreements hereinafter contained to be paid, kept and performed by said Tenant, Landlord does hereby lease to Tenant the Premises on the terms and conditions contained herein as follows:
A G R E E M E N T:
1. TERM. The term of this Lease shall be for a term of Xxxxxxxxx (duration of lease) commencing on Xxxxxxxx (date and time) and ending on Xxxxxxxxx (date).
X. RENT. The total rent for the term hereof is the sum of Xxxxxxxx Dollars ($Xxxxx), payable in equal monthly installments of Xxxxxxxxx Dollars ($Xxxx), on the Xx day of each month, to the address of Landlord, or at such other address as Landlord may, from time to time, require. OPTION 1- The First month’s Rent Payment shall be due and payable upon the execution of this Lease and prior to occupancy. OPTION 2- The First and Last month’s Rent Payment shall be paid upon the execution of this Lease and prior to occupancy. The payment for the Option to Purchase the Property, as set forth in Section XX below, in the amount of xxxxxxxxx Dollars ($xxxxx) shall also be due and payable upon the execution of this Lease and prior to occupancy. Rent must be actually received by Landlord, or designated agent, in order to be considered in compliance with the terms of this Lease.
X. SECURITY DEPOSIT. Tenant shall place a security deposit with Landlord in the amount of Xxxxxxxxx Dollars ($Xxxxx) upon entering into this Lease, to be used to secure Tenant’s faithful performance of the terms of this Lease, and for the cost of replacing or repairing damage, if any, to the house, outbuildings, grounds, furnishings, or personal effects of Landlord resulting from the intentional or negligent acts of the Tenant, or for the cleaning of the premises, any unusual wear and tear to the premises or common areas, and any rent or other amounts owed pursuant to the Lease agreement. Tenant may not use said deposit for rent owed during the term of the Lease. Landlord agrees to return said security deposit to Tenant, or unused portion thereof, within 21 days of the Tenant’s vacating the leased premises subject to the terms and conditions set forth herein. If less than the full balance of the security deposit is returned, Landlord shall furnish Tenant a written statement with such return of deposit monies indicating any amounts deducted from the security deposit. If Tenant fails to furnish a forwarding address to Landlord, then Landlord shall send said statement and any security deposit refund to the leased premises.
X. LATE CHARGE/BAD CHECKS: A late charge of X% of the current rent installment shall be incurred if rent is not paid when due. If rent is not paid when due and Landlord issues a “Notice to Pay Rent,” Tenant must tender cash or cashier’s check only. If Tenant tenders a check, which is dishonored by a banking institution, then Tenant shall only tender cash or cashier’s check for all future payments. This shall continue until such time as written consent is obtained from Landlord. In addition, Tenant shall pay the sum of xxxx Dollars ($Xxx) for each check that is returned to Landlord because the check has been dishonored.
X. USE OF PROPERTY. Tenant shall use the Premises for its primary residence and shall not use or permit the Premises to be used for any other purpose without the prior written consent of the Landlord. Tenant shall not cause or permit the Premises to be used in any illegal or unlawful way nor to any which may constitute waste or a nuisance or which will increase the insurance premium thereon.
X. UTILITIES. Tenant does hereby agree to pay any and all utilities and/or services used upon said Premises, including but not limited to heat, water, home owners associations dues (if any), and electrical power, and to pay the same before delinquency. OPTIONAL- The following exception to be paid by the Landlord: Xxxxxxxxxxx.
X. OCCUPANTS. OPTIONAL- The Premises shall not be occupied by any person other than those designated above as Tenant with the exception of the following named persons: Xxxxxxxxxxxxxxxxxxxxxxxxx. No part of the Premises shall be used at any time during the term of this Agreement by Tenant or named occupants at any time during the term of this Lease for the purpose of carrying on any business, profession, or trade of any kind, or for any purpose other than as a residential dwelling. Tenant shall not allow any other person, other than transient relatives and friends who are guests of the Tenant, to use or occupy the Premises without first obtaining Landlord’s written consent to such use. OPTIONAL- If Landlord, with written consent, allows for additional persons to occupy the premises, the rent shall be increased by $__ for each such person. Any person staying 14 days cumulative or longer, without the Landlord’s written consent, shall be considered as occupying the premises in violation of this agreement.
X. PETS. No dog, cat, bird, fish or other domestic pet or animal may be kept on or about the Premises without the written consent of the Landlord. No non-domestic pet or animal may be kept on or about the Premises. OPTIONAL- If written consent is granted by the Landlord, it shall state the number and type of animals Tenant may keep, and Tenant shall pay to Landlord a pet deposit of Xxxxxx dollars ($Xxxxx), of which Xxxxxxx dollars ($Xxxxxx) shall be nonrefundable, and shall be used upon the termination or expiration of this Lease for the purposes of cleaning the carpets of the building.
X. SUBLETTING AND ASSIGNMENT. Tenant shall not transfer, assign, or sublet this Lease or grant any license to use the Premises, or any part thereof, without first obtaining written permission from the Landlord. A consent by Landlord to one such assignment, subletting, or license shall not be deemed to be a consent to any subsequent assignment, subletting, or license. Any such assignment, subletting, pledge, or license without the prior written permission of the Landlord shall be absolutely null and void and shall, at Landlord’s option, terminate this Agreement.
X. CONDITION OF PREMISES. Tenant stipulates, represents, and warrants that Tenant has inspected the Premises, and that at the time of this Lease said Premises have been cleaned and all items, fixtures, appliances, and appurtenances are in good order, repair, and in safe, clean, and tenantable condition. Tenant promises to keep the Premises in a neat and sanitary condition and to immediately reimburse Landlord for any sums necessary to repair any item, fixture, or appurtenance that needed service due to Tenant’s, or Tenant’s invitees, misuse or negligence. Tenant shall be responsible for the cleaning or repair to any plumbing fixture where a stoppage has occurred. Tenant shall also be responsible for the cost of repair or replacement of the garbage disposal where the cause has been a result of bones, grease, pits, or any other item, which normally causes blockages of the mechanism. Tenant shall be responsible for the cost of repairs to heating and air-conditioning apparatus, electric and gas fixtures and plumbing work whenever such damage shall have resulted from misuse, waste, or neglect of Tenant, it being understood that Landlord is to have same in good order and repair when giving possession.
X. INSURANCE. Landlord does hereby agree to at all times during the term of this lease maintain in force an insurance policy or policies for the building. However, should Tenant desire to insure personal property within the leased Premises or a personal vehicle, Tenant is fully responsible for the procurement and payment of such insurance. It is acknowledged that Landlord does not maintain insurance to cover Tenant’s personal property, damage or loss to personal property caused by fire, theft, rain, water overflow/leakage, acts of God, and/or any other causes. It is acknowledged that Tenant’s failure to maintain said personal property insurance policy shall be a complete waiver of Tenant’s right to seek damages against Landlord for the above-stated losses.
X. EXEMPTION OF LANDLORD FROM LIABILITY. Landlord shall not be liable for any damage or injury to the person, goods, wares, merchandise, or other property of Tenant, Tenants, invitees, or any other person in or about the Premises, whether such damage or injury is caused by or results from: (a) fire, steam, electricity, water, gas, or rain; (b) the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures or any other cause; (c) conditions arising in or about the Premises or upon other portions of the building, or from other sources or places; or (d) any act or omission of any other tenant of Landlord’s. Landlord shall not be liable for any such damage or injury even though the cause of or the means of repairing such damage or injury are not accessible to Tenant. The provisions of this section shall not, however, exempt Landlord from liability for Landlord’s gross negligence or willful misconduct.
X. INDEMNIFICATION. Landlord shall not be liable for any damage or injury of or to the Tenant, Tenant’s family, guests, invitees, agents or employees or to any person entering the Premises or the building of which the Premises are a part or to goods or equipment, or in the structure or equipment of the structure of which the Premises are a part, and Tenant hereby agrees to indemnify, defend, and hold Landlord harmless from any and all claims or assertions of every kind and nature.
X. HAZARDOUS ITEMS. Tenant shall not keep or have in or on the leased Premises, outbuildings or grounds any article or thing of a dangerous, flammable, or explosive character that might be deemed “hazardous” or “extra hazardous” by any responsible insurance company.
X. ALTERATIONS. Tenant will make no alterations in, or additions to, the Premises (including but not limited to installing aerials and other reception equipment, lighting fixtures, locks, paint, or wallpaper) without first obtaining Landlord’s written consent and all the erections, additions and improvements, whether temporary or permanent in character (unless otherwise provided by written agreement between Landlord and Tenant) made in or upon the Premises by Tenant, shall be Landlord’s property and shall remain on the Premises at the termination of said term, by lapse of time or otherwise, without compensation to Tenant or obligation to Landlord. Trade or leased equipment and fixtures not covered by this Lease may be removed at Lessee's option, but in the event of removal, Lessee will pay all costs of removal and all costs of restoring the Premises.
X. RIGHT OF ENTRY. Landlord may enter and inspect the Premises, at reasonable times and with reasonable advance notice of at least 24 hours except in situations of compelling emergency, for any reasonable and lawful purpose, including but not limited to determining if the Tenant is performing the covenants and agreements of this Lease, making repairs, additions, or alterations as may be deemed appropriate by Landlord for the preservation and maintenance of the Premises or the building. If the work to be performed requires the cooperation of Tenant to perform certain tasks, then those tasks shall be performed upon serving 24 hours written notice by Landlord (e.g. removing food items from cupboards so the unit may be sprayed for pests). If the work to be performed requires that Tenant temporarily vacate the unit, then Tenant shall vacate for this temporary period upon being served 7 days notice by the Landlord. Tenant agrees that in such event that Tenant will be compensated solely by a corresponding reduction in rent for the days that Tenant was temporarily displaced.
X. MAINTENANCE AND REPAIR. Landlord shall keep all portions of the Premises in good order, condition and repair. Where a repair is the responsibility of the Landlord, Tenant must notify Landlord in writing stating what item needs servicing or repair. Tenant must give Landlord a reasonable opportunity to service or repair said item. Tenant acknowledges that rent will not be withheld unless a written notice has been served on Landlord giving Landlord a reasonable time to fix said item. Under no circumstances may Tenant withhold rent unless said item constitutes a substantial breach of the warranty of habitability. If any part of the Premises or the building is damaged by any act or omission of the Tenant, Tenant shall pay Landlord the cost of repairing or replacing such damaged property, whether or not Landlord would otherwise be obligated to pay the cost of maintaining or repairing such property.
X. DAMAGES TO PREMISES. In the event the Premises are destroyed or rendered wholly untenantable by fire, storm, earthquake, or other casualty not caused by the negligence of Tenant, this Lease shall terminate from such time except for the purpose of enforcing rights that may have then accrued hereunder. In such case, the rent provided for herein shall be accounted for by and between Landlord and Tenant up until the time of such destruction and Tenant shall pay rent up to said date and Landlord shall refuse rent collected beyond such date. Should only a portion of the Premises thereby be rendered untenantable, Landlord shall have the option of either repairing such portion or terminating this Lease. In the event Landlord exercises the right to repair such portion, the rent shall abate in the proportion that the damaged portion bears to the whole Premises, and the damaged portion shall be restored by Landlord as speedily as practicable, after which the full rent shall recommence and this Lease continue according to its terms.